Financial News: Dutch Exports, Household Consumption Drop In March

Dutch Exports, Household Consumption Drop In March

05/15/2020 - 08:29:00 (RTTNews)

(RTTNews) - The Netherlands' goods exports declined for the first time in ten months in March and imports fell for the second straight month, and household consumption decreased at a record pace, amid coronavirus pandemic, figures from the Dutch statistical office CBS showed on Friday.

Merchandise exports fell 4.0 percent year-on-year in March, after a 0.9 percent increase in February. This was the first decline recorded after May last year, when exports fell 0.3 percent.

The latest decline was largely due to weaker demand for machinery and transport equipment, largely from Germany and the UK.

In March, exports of petroleum and chemical products were higher than a year earlier, the agency said.

Imports decreased 3.7 percent annually in March, following a 1.2 percent fall in the prior month. This was mainly due to lesser demand for minerals, means of transport and clothing.

Circumstances for exports in May are less favorable than in March, the CBS said, as German and European producer confidence was lower. Further, the opinion of both Dutch and European industrial entrepreneurs about their foreign order position deteriorated and the contraction of German industrial production was greater than in the previous month.

Separate data from the statistical office showed that the household consumption dropped 6.7 percent year-on-year in March, after a 0.9 percent rise in February. This was the largest contraction ever measured.

Households boosted their spending on essentials such as food and reduced expenditure on services and durable goods. Spending on food and beverages grew a record 9.1 percent in March.